The latest drilling at Marathon PGM‘s (MAR-T) Leprechaun gold deposit in north-central Newfoundland shows that mineralization extends outside of the area defined in an inferred resources estimate.
The Leprechaun deposit is a part of the company’s Valentine Lake joint venture project with Mountain Lake Resources (MOA-V).
Visible gold with fine and coarse pyrite in quartz-tourmaline vein stockwork was observed in five drill holes of the latest six holes drilled and assayed.
Highlights include 20.8 metres grading 4.43 grams gold per tonne in one hole and 7.4 metres grading 8.67 grams gold per tonne in another.
Mineralized intercepts from the drilling were between 31 metres depth and 161.5 metres depth.
These holes confirm near surface mineralization as well as down dip and along strike extension of the mineralized zone.
So far this year, Marathon has completed 33 drill holes for at total of nearly 4,000 metres. The company plans to drill another 1,000 metres in May to finish the first planned phase of exploration.
The Leprechaun deposit has an inferred resource of 1.3 million tonnes grading 10.5 grams gold per tonne for 443,000 oz. gold (using a 5 gram gold per tonne cutoff and a 3-metre minimum width).
When the individual assays are cut at 58 grams gold per tonne, the average grade is 8.51 grams gold per tonne for a total of 359,000 oz.
Marathon is also developing the Marathon open pit copper-platinum group metal deposit near Marathon, Ont. The 22,000-tonne-per day operation would produce 37 million lbs. copper, 234,000 oz. PGMs plus gold, and 182,000 oz. silver per year over the first five years with start up projected around 2012 or 2013.
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